Upstream Petroleum Contracts Accounting & Auditing Policies and Procedures
Projects & Contracts · 5 Days · Public · Al-Khobraa certified · From USD 3,900
Overview
This training course provides in-depth information on the types of upstream petroleum contracts and what their differences are and what are the main contractual terms participants need to know in order to fully understand all types of Upstream Petroleum Contracts. The course will comprehensively cover Production Sharing Contracts, Exploration & Production Agreement (E&P) Exploration & Exploitation Contract, License Agreement, and participants will take away essentials elements of these contracts to be effectively used in their own companies.
Learning Objectives
Gain a full understanding of the different types of Upstream Petroleum Contracts
Understand the main contractual terms and their differences between the various types of contracts from PSA, Service contracts, and others
Be aware of the approaches to the negotiation of these contracts
Incorporate the best terms into these Upstream Petroleum Contracts
Develop an understanding of the accounting and auditing standards, policies, and practices used by Upstream Petroleum companies
Improve the relevance and reliability of financial reports to better meet the needs of users
Review and use publicly available information for benchmarking the business performance
Understand the role and function of an Internal Audit Department
Understand audit risk and efficiently plan, control and record an audit assignment
Who Should Attend
This training course is suitable for a wide range of professionals but will greatly benefit:-
Senior contract negotiators and managers
Legal managers
Commercial and business managers
Contracts administrators
Managers
Insurance professionals
Project and General Management personnel
Corporate Accountants
Financial Controllers
Treasury Officers
Course Outline
Day 1 — Introduction and Overview of Upstream Petroleum Contracts
A brief overview of the O&G industry
Oil and gas terminology
The legal framework for Upstream Contracts
Introduction to contract formation
Day 2 — Production sharing contracts (PSC) & Joint Operating Agreements (JOA)
Different approaches and levels of complexity
New PSC’s in key jurisdictions
The role of calculation
Understanding the formulas
Day 3 — Negotiating Production Sharing Contracts
Government take
Production share and cost recovery
Local content
Force majeure
Day 4 — Accounting for Revenue & Costs in the Upstream Petroleum Sector
Revenue Recognition & IFRS 15: Revenue from Contracts with Customers
Costs in Acquisition, Exploration, Development, and Production
IFRS 6: Exploration for and Evaluation of Mineral Assets
Accounting Approaches - The "Successful Efforts" (SE) Method or the "Full Cost" (FC) Method
Day 5 — Creative Accounting, Corporate Governance & Auditing
Creative Accounting
Corporate Governance
Published Financial Statements
The Role of the Board & Audit Committee
Accreditation
Al-Khobraa certified. On completion delegates receive an Al-Khobraa certificate of achievement.
What do Al-Khobraa projects and contracts courses cover?
The portfolio covers project management fundamentals and PMP exam preparation, Primavera P6 planning and scheduling, PRINCE2, cost control and earned value, risk management, and contract management from tendering through claims and close-out. Courses use live project scenarios rather than theory alone.
Who should attend a projects and contracts course?
These courses suit project and programme managers, planners and schedulers, project engineers, cost and contract engineers, procurement and commercial staff, and team leaders moving into project delivery roles. PMP preparation additionally assumes documented project experience, which PMI verifies at application.
How long are projects and contracts courses, and where are they held?
Most Al-Khobraa projects and contracts courses run over 5 days. The exact duration, dates and city for this course are listed in the dates section on this page. Public sessions run across Saudi Arabia — Riyadh, Jeddah, Al-Khobar, Jubail and Yanbu — as well as regional and international venues, with live virtual classrooms available on request.
What certificate will I receive?
Delegates who complete the course receive an Al-Khobraa certificate of completion, issued by a Saudi-registered training provider. Al-Khobraa also delivers internationally accredited programmes; where a course carries an external awarding body such as PMI, CIPS, ILM or IOSH, that body is named on the course's own page.
Can projects and contracts training be delivered in-house for our team?
Yes. Any Al-Khobraa projects and contracts course can be delivered in-house at your own premises anywhere in Saudi Arabia or the GCC, with the content, dates and language of delivery tailored to your team. Al-Khobraa is an approved HRDF (Hadaf) provider, so eligible Saudi employers can seek training support. Contact us for a quotation.